All Forum Posts by: Eric G.

I do have it in bathrooms. So far so good, but it's only been a year or so. Not going to truly understand the long term wear until many years down the line.

I have used vinyl glue down in my rentals recently. I chose it over traditional laminate or wood because it won’t get damaged by water. I see that all too often in bathrooms and kitchens. That said, this is a new product for me, and it seems to be new throughout the industry. I do have my reservations about the long term durability. It seems to scratch and scuff easily. But then again, it’s glue down. Keep some extra planks on hand, and you can always rip up bad ones and glue down some new ones.

I can tell you with utmost certainty that such a house does not exist. Not in Fullerton at that price point. And especially something that has been remodeled.

I might be missing something but upon first glance I can’t think of why you would pay down the mortgage only to go with a HELOC. The big question is what is your interest rate on your mortgage. If it’s considerably higher than the heloc, then it would make sense to pay it down. But I doubt that’s the case. If it’s your primary residence it’s probably around 4%. And it’s fixed for 30 years. No reason to draw down heloc funds at a higher, variable rate.

Call me simple, but haven’t we already had major inflation? Forget the doctored numbers the government puts out. What about year over year price increases in real estate since 2012? Rising health care costs? Minimum wage increases that filter into increased prices for just about everything? Everything we purchase and use has gone up over the last 6-8 years. And it wasn’t by a minimal 2% as government figures would have you believe.

Why do a short term rental? You are projecting $1000 per month if you get 10 days a month. You should have no problem renting the unit to a long term renter at $1000 per month. I know the 10 days target is conservative. But still. Short term rentals also come with a much larger headache for you, as you have to be hands on. Plus the additional expenses of furnishing a home and excess wear and tear. That’s a lot of extra hassle for little reward. And don’t forget how that constant turnover may piss off your front unit tenants. Put a long term tenant in. Set it and forget it.

Sadly there is no 2+ unit inventory in OC under $400k, so House hacking won’t work with your budget. But if you’ve got ultra low rent, and you can qualify for a multi family investment purchase, I think that’s a great route for you. Continue to pay below market rent, save money, and begin building equity in your investment property.

Vacancy, maintenance and capex budgeting is up to you. A separate bank account is not a bad idea. Whatever you have to do to ensure you have the money to pay for those expenses when they arise.

Peter Sinclair Between your 40% down payment and 70k renovation budget, you’ve got a lot of money tied up in this property. Are you planning to cash out refi? What is the new value of your duplex?

You can house hack anywhere. The question is what does it cost you. Some places, you can live for free off of the other unit(s). With your standard down payments (3-20% down) you’re not likely to live free in SoCal. At least in OC, LA or SD. That said, House hacking is still a sound strategy. You get to own the property you live in with a subsidized housing payment. And you’ll likely be accumulating long term equity on a higher purchase price than you would have if you had gone SFR.